MB1 Capital Partners Acquires Cedar Knolls Corporate Center
Cushman & Wakefield of New Jersey Awarded Leasing Assignment
Jul. 31, 2012 - MB1 recently acquired the 118,000-square-foot Cedar Knolls Corporate Center in Cedar Knolls, N.J. The seller was represented by Cushman & Wakefield's Metropolitan Area Capital Markets Group. MB1 Capital Partners has awarded the exclusive leasing assignment for Cedar Knolls Corporate Center in Cedar Knolls, N.J. to the Edison, N.J.-based Cushman & Wakefield, Inc. team of Paul Giannone, Ken Flynn and Kevin Carton.
Located at 240 Cedar Knolls Road, Cedar Knolls Corporate Center is in Morris County at the crossroads of the Morristown-Parsippany office corridor, with easy access to Routes 10 and 24, I-287, I-80 and many local roadways. The multi-tenanted building offers a high degree of flexibility for tenants with spaces available from 1,000 square feet to a full floor of 30,000 square feet.
"This is an excellent location in one of the state's most desirable markets," said Joel Brudner, managing partner of MB1 Capital Partners, a privately held real estate investment company based in Wall, N.J. that invests in properties, debt instruments, joint ventures and relationship partnerships, with a focus on New Jersey, New York and eastern Pennsylvania. "This acquisition provides a value-add investment opportunity that enables us to offer competitive lease pricing for quality space in a building with a proven track record."
"MB1 plans to make various capital improvements to enhance the building, positioning this project as one of the most attractive values for tenants seeking space in the Morris County market area," said Giannone. "We will bring our knowledge of the local market as well as our national reach to secure corporate users."
Situated on 15 acres in a park-like setting, the four-story Cedar Knolls Corporate Center offers such amenities as an on-site café and 445 outdoor parking spaces. It was completed in 1981 and underwent common area renovations in 2007.